Motorists are encouraged to compare prices to change providers as the difference between the cheapest average premium and average motor insurance premium currently stands at £110.

The 675million figure of the money lost by multiplying the £110 figure by 6,144,000, which represents the 16 per cent of motorists who admitted to not remembering to change insurance provider.

It conducted a 2,041 person survey between 14 and 15 August to find out how many motorists forget to renew their insurance.

The amount drivers are overpaying is bound to be a worry, as the research discovered that 68 per cent of drivers expect the price of insurance to increase in the next three years, whilst 31 per cent currently struggle to afford their premiums already.

Younger generations will also be concerned by the overspend with 15 per cent of motorists aged between 18 and 24 saying they often forget to switch insurers.

This worry is likely to be elevated considering younger drivers tend to pay much higher premiums due to the apparent risk they pose.

The average annual motor insurance cost for 18 to 24-years-olds is £1,220 - however, by remembering to switch, young drivers can save an average of £226.

One of the main reasons for not switching is because it is seen as a chore with 43 per cent of over 24-year-olds saying it is a hassle – a figure which rises to 55 per cent amongst 18 to 24-year-olds.

Another 40 per cent of all age groups said they would value a tool which makes switching easier.

Dan Hutson, head of motor insurance at Compare the Market said: 'Car insurance is a significant expense for many drivers and the cost of cover has risen steeply over the past few years. Nearly a third of motorists say that they struggle to afford the cost of insurance.

'The most effective way to avoid price hikes is to compare the market for the most competitive provider but taking the time to switch is something many people just forget to do.'

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